POWER
The French front-month baseload power contract has widened its discount to the German equivalent to its highest since 2 May as France has been weighed down by limited demand for electric cooling and above-normal nuclear availability. The TTF June contract has also flipped into negative territory adding further downward pressure.
- France Base Pwr M1 down 8.18% at €37.50/MWh.
- Germany Base Pwr M1 down 0.82% at €65.18/MWh.
- Nordic Base Pwr M1 down 6.89% at €32.59/MWh.
- TTF Gas M1 down 0.20% at €29.61/MWh.
- Rotterdam Coal M1 up 1.2% at $108/t.
- EUA DEC 24 down 1.08% at €69.46/t CO2e.
- The French M1 discount to German M1 is at -€27.68/MWh at the time of writing.
- The German M1 has been broadly stable on the day amid high renewables output and mild weather. Declines in European carbon allowances, muted demand have also placed downward pressure.
- Luxembourg-based glass and metal producer Ardagh Group has entered into a long-term solar PPA with German firm Sunnic Lighthouse, Ardagh said.
- Nordic hydro stocks over 6-12 May (week 19) continued their climb from the previous week to increase the fastest for any week so far this year, with reservoir levels rising in all Nordic countries.
- Average net Norwegian-UK power flows have reached a yearly high so far in May, climbing by around 70% on the month as hydro and onshore wind output in Norway has remained strong, according to data from Entso-E.
- Finnish nuclear plant operator Teollisuuden Voima Oyj (TVO) has extended the outage at its 1.6GW Olkiluoto 3 (OL3) nuclear power plant to 16 May, latest Remit data show.
- The Italian Ministry of Environment and Energy Security (MASE) has approved the 600MW Elmed interconnector between Italy-Tunisa, according to MASE.
- Italy’s Edison has signed a solar PV PPA with Chiron Energy for the duration of ten years, Edison said.
- French telecommunications firm Orange has signed a 15-year PPA for power delivered from developer ZE Energy’s 77MW solar power plant in France, according to Orange.
319 words